Oil prices gained Friday morning on concerns about supply as the European Union prepares sanction on Russia, which would include an embargo on crude oil.
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U.S. West Texas Intermediate (WTI) crude added 2% to $110 a barrel.
Brent futures gained 2.1%, to $113 a barrel.
Additional concerns entered the picture as the Bank of England warned that Britain risks a double-whammy of a recession and inflation above 10% as it raised interest rates to their highest since 2009.
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The BoE raised rates by a quarter of a percentage point to 1%.
Meanwhile, Wall Street stocks tumbled as investors shed risky investments, worried the Fed might hike rates more this year to tame inflation.
On supply, OPEC+ agreed, as expected, to another modest monthly increase in oil output. The agreement is to raise June production by 432,000 barrels per day.
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The EU sanctions proposed against Russia need unanimous backing from the 27 countries in the group. The sanctions would phase out imports of Russian refined products by the end of 2022. They would also ban all shipping and insurance services for transporting Russian oil.
Reuters contributed to this report.
Oil gains on supply concerns – Fox Business